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Singapore service providers optimistic about business prospects in coming months: Singstat

Jewel Stolarchuk
By Jewel Stolarchuk

SINGAPORE: A recent survey by the Singapore Department of Statistics (Singstat) highlights an optimistic outlook among service providers for the upcoming months, despite broader economic uncertainties. The Service Industry Business Outlook Survey, covering the period from October 2023 to March 2024, shows that 20% of local service providers expect an improvement in the business environment, while a smaller 7% foresee potential challenges.

Singstat’s data reveals that approximately 13% of companies across Singapore’s service sector remain positive about their business prospects over the next six months. Additionally, 22% of firms are confident that their operating income will grow, with 5% of companies anticipating a potential decrease.

Employment trends within the service sector also show a positive shift, with 10% of companies planning to expand their workforce in the coming quarter. This commitment to hiring, coupled with revenue expectations, points to resilience within the industry as it prepares for the months ahead.

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